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MOA - Loan - Sample

This memorandum of agreement is between two parties in the Philippines regarding a financial transaction and loan. The second party received a loan and is using a parcel of land as collateral. Key details: 1. The first party loaned the second party money, who acknowledged receipt of the loan. 2. As security, the second party offered a parcel of land that they own, transferring the title document to the first party. 3. If the loan is repaid in full, the agreement will be void and the land title returned to the second party.

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Jean Gorospe
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163 views2 pages

MOA - Loan - Sample

This memorandum of agreement is between two parties in the Philippines regarding a financial transaction and loan. The second party received a loan and is using a parcel of land as collateral. Key details: 1. The first party loaned the second party money, who acknowledged receipt of the loan. 2. As security, the second party offered a parcel of land that they own, transferring the title document to the first party. 3. If the loan is repaid in full, the agreement will be void and the land title returned to the second party.

Uploaded by

Jean Gorospe
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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MEMORANDUM OF AGREEMENT

KNOW ALL MEN BY THESE PRESENTS:

This AGREEMENT made and entered into by and


between:___________________________, Filipino citizen, of legal age, married, and a
resident of Poblacion, Alabel, Sarangani Province, hereinafter referred to as the FIRST
PARTY; and____________________________, Filipino citizen, of legal age, widower
and a resident of Poblacion, Alabel, Sarangani Province, hereinafter called the SECOND
PARTY.

WITNESSETH

WHEREAS, the above-named parties have entered into a financial transaction in a


form of loan;

WHEREAS, the SECOND PARTY, is the lawful owner of a parcel of land,


described below, and offers the same as collateral/security for his loan obligation with the
FIRST PARTY, to wit:

“A PARCEL OF LAND KNOWN AND DESCRIBED AS LOT


NO.______, PSD-_______, SITUATED IN THE BARRIO OF
POBLACION, MUNICIPALITY OF ALABEL, PROVINCE
OF SARANGANI, ISLAND OF MINDANAO, CONTAINING
AN AREA OF ___________________(____) SQUARE
METERS, MORE OR LESS AND COVERED BY TRANSFER
CERTIFICATE OF TITLE NO._____________ .”

NOW THEREFORE, for and in consideration of the foregoing, the parties


hereto have agreed and covenanted as follows, to wit:

1. That the FIRST PARTY granted a loan of money to the SECOND PARTY in
the amount of __________________________ (PhP_________), which is
acknowledged receipt by the latter, and same is payable within___________.
The parties agree that said payment shall be made in full;

2. That as security for said loan obligation, the SECOND PARTY voluntarily
offered the abovementioned parcel of land as security thereof, and for said
purpose, deposits to the FIRST PARTY the original owner’s duplicate copy of
Transfer Certificate of Title No. _________ which is accepted by the FIRST
PARTY;

3. That in case of full payment by the SECOND PARTY, this agreement shall be
declared of no force and effect and the SECOND PARTY shall be released
from his obligations.; and

4. That this agreement shall bind the parties, their heirs, assigns and successors-
in-interest.

IN WITNESS WHEREOF, the parties have hereunto affixed their signatures this
____________________ at General Santos City, Philippines.
______________________ ________________________
First Party Second Party
ID No. _________________ ID No. ________________

WITNESSES: 1)_________________ 2) ________________________

REPUBLIC OF THE PHILIPPINES)


CITY OF GENERAL SANTOS )S.S.
x-------------------------------------------x

ACKNOWLEDGMENT

BEFORE ME this ______________________ at General Santos City, personally


appeared the above-named persons with their CEIs indicated below their names, known
to me to be the same persons who executed the foregoing instrument and they
acknowledged to me that the same is their own, free and voluntary act and deed.

WITNESS MY HAND AND NOTARIAL SEAL.

Doc. No.______;
Page No.______;
Book No.______;
Series of 2023.

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